Facts:

The claimant obtained lease finance facilities from the defendant for the purchase
of trucks, equipment, cars, generators and other items. One of the facilities
granted to the claimant, which formed the background of the suit, was for the
purchase of twenty trucks in which the collateral for the facility was the acquisition
of the said trucks in the name of the defendant. It was further agreed that the
trucks to be purchased must not be less than ten years old and that the claimant
was to, immediately after disbursement of the facility for the purchase, forward
to the defendant all the documents relating to the transaction including the spare
keys for the trucks. The total cost of the trucks was put at N174,209,450.00 (One
Hundred and Seventy Four Million, Two Hundred and Nine Thousand, Four
Hundred and Fifty Naira) out of which the sum of N127,000,000.00 (One Hundred
and Twenty Seven Million Naira), was paid on the 27th August, 2008 directly to
the seller, Mack Truck Sales by the defendant. The claimant agreed to and issued
post-dated cheques in favour of the defendant for the payment of the debt. The
cheques were always returned unpaid each time the defendant presented them
for payment. As a result of the unpaid cheques, a meeting was held between the
defendant and the claimant’s agent who issued another cheque of N15,000,000.00
(Fifteen Million Naira) which was also returned unpaid.

In March, 2011 the defendant alleged that the total indebtedness of the claimant
stood at N194,260,173.27 (One Hundred and Ninety Four Million, Two Hundred
and Sixty Thousand, One Hundred and Seventy Three Naira, Twenty Seven
Kobo) after payments of N187,500,000.00 (One Hundred and Eighty Seven Million,
Five Hundred Thousand Naira) by Westcom Wireless Limited, a sister company
of the claimant which was also indebted to the defendant to the tune of
N200,000,000.00 (Two Hundred Million Naira). A dispute arose as to the correct
amount owed the defendant and both parties agreed to meet to resolve it. At the
meeting, records where settled and the defendant stated that the payment of
N187,500,000.00 (One Hundred and Eighty Seven Million, Five Hundred Thousand
Naira) it received in 2009 was partly to settle Westcom Wireless Limited
indebtedness and only about 49% of that amount was paid to settle the claimant’s
indebtedness. The claimant promised to repay the debt and consequently issued
four cheques which were alleged by the defendant to be unpaid.

After a series of correspondence, the claimant filed a suit against the defendant
seeking an order of injunction restraining the defendant from presenting any
post-dated cheque issued by the claimant and from charging any further interest
on the facilities until the determination of the suit. Upon being served with the
originating process, the defendant filed its defence and counterclaim. Trial commenced in the suit but the claimant failed to prosecute the matter and
consequently, the claim was struck out upon the application of the defendant and
proceedings continued on the counterclaim of the defendant. The defendant
alleged that the claimant was indebted to it to the tune of N194,260,173.27 (One
Hundred and Ninety Four Million, Two Hundred and Sixty Thousand, One Hundred
and Seventy Three Naira, Twenty Seven Kobo) and that all attempts to get the
claimant to repay it has been unsuccessful. The claimant did not participate in
the counterclaim proceedings.